Many mortgage shoppers look for the best combination of interest rate and product to fit their situation. But we have a new danger to look out for-and I hope if you are mortgage shopping you are aware of it. B & S. BS is a better acronym since that is what it is. But it is commonly known as bait and switch in any industry. But sadly it exists in bank bait and switch first home buyer mortgage seekers, and with all of the intricacies of getting a mortgage, it is not hard to fall prey to.

With Bank bait and switch first home buyer mortgage loans what happens is simple:

1. A very low interest rate was quoted to someone
2. At the very end when it comes to signing the paperwork, there will be more closing costs
3. Generally a mystery reason will arise and make the interest rate increase.

The practice is frowned upon by the lending community, and the only way to not fall prey to it is to seriously and honestly find a good person to find you the mortgage. And check references. But if you go with a reputable bank you can generally avoid this as they are far more accountable for their actions than some small agency.

When it comes to larger financial decisions in your life it makes sense to go to the big guys because they stake a huge reputation on being honest, and they often have better incentives because their costs are spread over a large customer base.

So make the first time home buy a relatively easy process. Shop around, and make sure to check out the bank or person whom you are dealing with. And by all means check the fine print, or better yet have your attorney do it. With the mortgage market in such turmoil, the only safe places to be are the big places, where they can weather the storm, and not prey on people with unscrupulous activities to gain business.